OTC Europe, a subsidiary of OTC Global Holdings, said it concluded its purchase of Oil Brokerage, a 29-year-old, London-based firm with some 70 staff, on Tuesday in an effort to expand its global footprint.

“They’re very big in areas we simply just weren’t in yet, very big in areas that (are) growing geographically such as London and Singapore,” OTC Global’s President and co-CEO Joseph Kelly said of Oil Brokerage in an interview with Reuters.

Kelly declined to disclose the value of the deal. OTC Holdings, established a decade ago in the United States, is the world’s largest independent institutional commodities broker.

The acquisition advances OTC’s goal of becoming a one-stop shop for clients who want to take part in evolving and increasingly global commodities markets, Kelly said.

He pointed specifically to rising U.S. exports of liquefied petroleum gas (LPG) and diesel to Europe, U.S. fuel oil exports globally and the physical European light end and fuel oil markets as areas for expansion.

“The idea at the end of the day is that we will be this one place where you can do anything you need in commodities ... whether it’s moving a physical cargo, hedging, trading futures,” Kelly said.

OTC also has offices in Chicago, Geneva, Houston, New Jersey, Louisville and New York.

Oil Brokerage was founded in 1988 as a broker of physical gasoline in Europe, and later expanded to include physical and paper biofuels, naphtha and fuel oil.

OTC now has a global portfolio of 20 companies, a network that could make the group more competitive in a market that has seen increasing consolidation amid the crude oil price rout and the popularity of electronic trading.